EBITDA指标在企业的应用研究

发布时间：2018-04-01 15:53

本文选题：EBITDA　切入点：企业价值　出处：《江苏大学》2017年硕士论文

【摘要】：税息折旧及摊销前利润,简称EBITDA,即未计利息、税项、折旧及摊销前的利润。自从上世纪80年代被国外资本市场广泛应用以来,作为一种创造性的财务指标,EBITDA指标就一直广受世人关注。EBITDA一般多用于计算企业价值、评价企业经营业绩等等方面,是一种综合性财务指标,因而在企业的财务决策方面的应用显得更为突出。EBITDA指标是由息税前利润(EBIT)发展而来,剔除了折旧和摊销等因素对企业的综合能力评价的影响,对于固定资产所占比例较高的制造业企业来说,更有实际应用意义。在我国目前的资本市场以及企业的管理信息系统中,虽然净利润等传统财务指标的应用仍然占有一席之地,但是针对EBITDA指标的内涵意义的研究不可忽视,其独特的应用价值值得探讨。因此,本文试图探悉EBITDA的价值所在,即它对于中国企业财务决策方面有何意义。本文首先对EBITDA指标的内在含义与外延进行深入分析,在此基础上,我们着重探索EBITDA指标在企业财务决策方面的应用价值。本文主要运用文献研究法、案例研究法和比较研究法等等研究方法,逐一探讨EBITDA的内涵、计算方法、属性、优缺点,同时将以T企业为代表的造纸业作为探讨的案例,将理论与企业实践经验充分结合,采集企业具体的经营数据进行计算分析,着重阐述EBITDA指标在企业的财务决策方面的四个应用——企业价值评估、企业业绩评价、企业偿债能力评价和企业生产经营决策,以印证EBITDA指标在企业财务决策方面中不可忽视的应用价值。虽然本文是以造纸业为案例研究背景,但希望通过这一行业的EBITDA指标的应用,扩展到各行各业,极大地丰富和提升EBITDA指标在企业财务决策应用的现实意义。本文所挖掘的EBITDA指标的四个方面的应用研究,虽然在企业的实际使用方面有一定的优势,但仍然存在不足之处,有待提升的地方,未来在EBITDA的研究领域无论是理论研究还是实践探索都还有较大的发展空间。
[Abstract]:Earnings before tax, interest, depreciation and amortization, or EBITDA, or profits before interest, tax, depreciation and amortisation. Since it was widely used in foreign capital markets in the 1980s, As a creative financial index, EBITDA has been widely concerned by the world. EBITDA is generally used to calculate the value of enterprises, evaluate the business performance and so on. It is a comprehensive financial index. Therefore, the application of EBITDA in enterprise financial decision is more prominent. The EBITDA index is developed from EBITs before interest and tax, excluding the influence of depreciation and amortization on the comprehensive ability evaluation of enterprises. For manufacturing enterprises with a high proportion of fixed assets, it has more practical significance. In China's current capital market and enterprise management information system, although the application of traditional financial indicators such as net profit still occupies a place. However, the study on the meaning of EBITDA index can not be ignored, and its unique application value is worth discussing. Therefore, this paper tries to explore the value of EBITDA. That is, what meaning does it have to the financial decision of Chinese enterprises. Firstly, this paper analyzes the intrinsic meaning and extension of EBITDA index, and on this basis, We focus on exploring the application value of EBITDA index in enterprise financial decision-making. This paper mainly uses literature research method, case study method and comparative research method to discuss the connotation, calculation method, attribute, advantages and disadvantages of EBITDA one by one. At the same time, the paper industry represented by T enterprise is taken as a case study, and the theory and practice experience are fully combined to collect the specific business data of the enterprise for calculation and analysis. In this paper, four applications of EBITDA index in financial decision making of enterprises are described in detail, such as evaluation of enterprise value, evaluation of enterprise performance, evaluation of enterprise's ability to repay debt and decision of enterprise's production and operation. In order to confirm the application value of EBITDA index in enterprise financial decision-making, although this paper is based on paper industry as a case study background, it is hoped that through the application of EBITDA index in this industry, it can be extended to all kinds of industries. It greatly enriches and promotes the practical significance of the application of the EBITDA index in the enterprise financial decision. Although the four aspects of the EBITDA index excavated in this paper have some advantages in the actual use of the enterprise, there are still some shortcomings. In the future, there is still much room for development in the field of EBITDA, both in theory and practice.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F812.42;F275

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